State of New Jersey Common Pension Fund D Trims Position in MGM Resorts International (NYSE:MGM)

State of New Jersey Common Pension Fund D trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 47.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,033 shares of the company’s stock after selling 72,398 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in MGM Resorts International were worth $3,601,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International during the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its position in shares of MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 329 shares in the last quarter. UMB Bank n.a. grew its position in shares of MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after buying an additional 237 shares in the last quarter. Accent Capital Management LLC acquired a new position in shares of MGM Resorts International during the fourth quarter worth about $45,000. Finally, Mendota Financial Group LLC boosted its holdings in MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after purchasing an additional 266 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MGM. BTIG Research began coverage on MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective for the company. Wells Fargo & Company decreased their price target on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. JMP Securities cut their price objective on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, August 1st. Morgan Stanley cut their price objective on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Finally, Susquehanna raised their price objective on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $37.21 on Wednesday. The company has a market cap of $11.67 billion, a P/E ratio of 14.31, a PEG ratio of 0.64 and a beta of 2.22. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The business’s 50-day simple moving average is $39.53 and its 200 day simple moving average is $41.35.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period last year, the business posted $0.59 EPS. The company’s revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts forecast that MGM Resorts International will post 2.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at $1,302,166. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul J. Salem bought 147,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the transaction, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. The disclosure for this purchase can be found here. Insiders have acquired 216,400 shares of company stock worth $7,312,197 in the last three months. 2.13% of the stock is owned by insiders.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.